Examining procedure trends more deeply. Third, we are launching and refining our flexible diagnostic platform, Ion, by working with early customers to help establish high-performing sites and by improving our technology and supply chain capabilities. Reported revenue and procedure results are consistent with the Companys press release issued on January 12, 2022. And there's a lot of opportunities for OR efficiencies and standardization, controlling operating costs, controlling consumables costs. Annualized U.S. procedure growth rates are returning to historical levels for procedures with longer diagnostic pipelines as patients have started returning to screening and diagnostic testing. Please go ahead. To choose your options for e-mail notification, please enter your e-mail address below and click Submit . Second-quarter 2021 procedures increased approximately 68% compared with the second quarter of 2020 and increased approximately 13% compared with last quarter. Phone: 408-523 . With me today, we have Gary Guthart, our CEO; Marshall Mohr, our CFO; and Jamie Samath, our senior vice president of finance. Jamie, anything? It affirms that "RAS devices have been cleared for use in certain types of surgical procedures commonly performed in patients with cancer, such as hysterectomy, prostatectomy and colectomy. One on procedures, one on competition. Congrats on the quarter. It's the impact on hospitalizations. Health . Please go ahead. May 2021 - Present 1 year 10 months. One is we are focused on making sure that our ecosystem, our products, our systems, everything goes around it really delivers against the Quadruple Aim all the way through. It's a short period, but we believe that there is elasticity, and we've seen elasticity in markets where reimbursements are very low. And we think that the extended use instruments lowers barriers for purchases of systems. And recently, we've had a series of very encouraging conversations on the adoption of bariatrics, very encouraging. Are we starting to see leverage potentially that could enable a little bit better margins as we think about next year, year after? Even though we've seen growth in the procedures that were specifically targeted by extended use instruments, it's hard to discern what is COVID-related versus what is not. So I think those are the key kind of procedure highlights. The next page will display a menu of options. Intuitive Surgical (ticker: ISRG ) reported an adjusted fourth-quarter profit of $1.30 a share, beating forecasts for $1.28 a share, on sales of $1.55 billion, which topped expectations for $1.52 . We look forward to talking with you again in three months. I would just add, Bob, as you saw the COVID hospitalization rates in the U.S. come down in March and into Q2, that frees hospital resources to increase the level of surgery that we do. INTUITIVE at 43rd Annual Goldman Sachs Global Healthcare Conference. All Rights Reserved. It is in fact a physically taxing procedure, as Gary described. We also find that our economic offerings with da Vinci X and EUP, we have choices that we ourselves can offer our customers. The Motley Fool owns shares of and recommends Intuitive Surgical. We will now open the call to your questions. The Company shipped 385 da Vinci Surgical Systems in the fourth quarter of 2021, compared with 326 systems in the fourth quarter of 2020. We also expect spending to increase as a percentage of revenue as investments in headcount, infrastructure, and other support areas catch up to the growth in the business. your options for e-mail notification, please enter your e-mail address below and click Fourth quarter 2022 revenue was$1.66 billion, an increase of 7%compared with$1.55 billion in thefourth quarter of 2021. I think all of us know, and we, as consumers know that customers like choice, perfectly fair. That says that we're not putting out more capital than folks need, even though it's been healthy capital quarters, it means our customers are getting good benefit out of what they're using those systems for. And I kind of articulated what those were, travel and so forth. There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. And Jamie, as to kind of where we are. The next page will display a menu of options. The next page will display a menu of options. All Rights Reserved. The next page will display a menu of options. We heard your comments, but just kind of thinking a little bit longer-term than just the next couple of quarters. And I have one follow-up. . Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, Calif., is the pioneer and a global technology leader in robotic-assisted, minimally invasive surgery. So be curious to hear from you on any procedure trends through the quarter in the U.S. and international. Jamie, in his commentary, said that a lot of those procedures are benign procedures, many of them are shorter duration than longer or more complex disease states. *Stock Advisor returns as of June 7, 2021. Incredible returns through ups and downs. In this Backstage Pass video, which aired Sept. 29, Motley Fool contributor Brian Withers shares his thoughts on Intuitive Surgical, highlighting the metrics investors need to watch when the . We continue to see significant utilization variance by region due to pandemic differences. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. With regard to income tax, we expect the range of our second-half 2021 pro forma tax rate to be between 21% and 22% of pre-tax income, slightly higher than the range we provided on the last call, reflecting a higher mix of U.S. income. The authors concluded in part, "When compared to open, the robotic-assisted surgery group is associated with a comparable operative time, shorter length of stay and lower reoperation rate through 30 days. . Just in terms of intra-quarter procedure trends, if you're asking, Larry, month by month, there was nothing notable actually that we would call out. Long-term incentive plan expense relates to phantom share awards granted in China by the Companys Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. And then on a two-year compounded basis, you're kind of where you thought you might be pre pandemic. That will play out over the next several quarters as we accrue patients. Trade-in activity can fluctuate and be difficult to predict. The Safety Communication issued on August 20, 2021 by the FDA, is specific to the use and study of robotic-assisted surgery in mastectomy. Intuitive Surgical, Inc. (NASDAQ:NASDAQ:ISRG) JPMorgan 40th Annual Healthcare Conference January 12, 2022 3:45 PM ETCompany ParticipantsGary Guthart - CEOJamie Samath - CFOBrian King -. These non-GAAP financial measures also facilitate managements internal comparisons to its historical performance. We know that new system placements are closely tied to anticipated procedure volumes and system utilization in mature markets. Fourth-quarter revenue was in line with Intuitive Surgical's positive preannouncement earlier this month. 2021 Proxy Statement - Special Meeting 224.6 KB. It's a highly penetrated laparoscopic indication in the United States. Next, we'll go to Bob Hopkins with Bank of America. All Rights Reserved. Jan 2023 - Present3 months. We ended the quarter with cash and investments of $7.7 billion, compared with $7.2 billion last quarter. So our customers are asking us for advanced instrumentation. as can be seen with the more than 29,000 peer-reviewed scientific articles that reference Intuitive technologies. So I wouldn't start building lots of leverage into your models. I think our customers will take their time to evaluate new things as they go. And then now we have rolled it out to most other markets in the first six months of this year, except for China where there are longer regulatory timelines. We think there's an opportunity to look at correlations between surgeon performance and outcomes. Thank you for your support on this extraordinary journey. To change your e-mail options at The system features an ultra-thin, ultra-maneuverable catheter that allows navigation far into the peripheral lung and provides the unprecedented stability necessary for precision in biopsy. Fourth quarter 2021 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $27 million, or $0.07 per share, compared with $21 million, or $0.06 per share, in the fourth quarter of 2020. Cost basis and return based on previous market day close. Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2022 financial results. While there continues to be COVID hotspots within some of our Asia Pacific markets, overall procedures in the region performed well. I think that's what's been driving our success in the early market. Our technologies include the da Vinci surgical system and the Ion endoluminal system. Yeah. Intuitive develops, manufactures and markets the da Vinci surgical system. Second, disciplined execution of our launches, including our advanced instruments, SP, Ion, and digital efforts. In Q2, we launched our SureForm stapling line in India. (1) Selling, general and administrative includes the effect of the following item: (2) Income from operations includes the effect of the following items: (3) Interest and other income, net includes the effect of the following item: (4) Income tax expense includes the effect of the following item: Excess tax benefits related to share-based compensation arrangements, (5) Diluted net income per share attributable to, Amortization of intangible assets, net of tax, Gains (losses) on strategic investments, net of tax. Partly, it's delays in getting in and getting tested and starting the journey and then getting in and having a procedure or treatment, whatever that might be. It's not just the robot. Product and research reports and data presentation to medical specialists, sales force, new channels, investors. We're OK. We're not frightened of that. And so we watch that number because we know it's highly sensitive. Medistim ASA schlgt ordentliche Dividende fr 2021 vor, zahlbar am 9. And I know case rises have been largely decoupled from hospitalizations. Minimum 15 minutes delayed. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Travel and associated costs in support of our field have also not recovered to pre-pandemic levels. Last quarter, we forecast 2021 procedure growth of 22% to 26%. So those are the drivers we watch. These programs together trained over 2,200 care team members in the quarter, showing organizational strength and localizing programs, and responding with agility to pandemic-influenced demand. Second-quarter spending was below our expectations due to activities restricted by COVID, including clinical development, marketing events, and travel costs. The Company ended the fourth quarter of 2021 with $8.6 billion in cash, cash equivalents, and investments, an increase of $400million during the quarter, primarily driven by cash generated from operations. Next, we will go to Amit Hazan with Goldman Sachs. The stock split will take place after market close on October 5th, 2021. The fourth quarter 2022 system placements included 154systems placed under operating lease and usage-based arrangements, compared with 143 systems in thefourth quarter of 2021. And so we're going to continue to invest. With respect to operating expenses, on our last call, we forecast to grow full-year pro forma 2021 operating expenses between 18% and 22% above 2020 levels. On the capital side, new system placements continue to be healthy, with the United States, China, Germany, France, and Japan, notable in the quarter. We believe that globally, customers have had not completely adjusted their instrument buying patterns to reflect the additional uses per instrument. General surgery growth in the U.S. was strong, and in addition to the positive impact from patient backlogs, reflected increasing access for surgeons to our fourth-generation technology. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. We expect our pro forma rate for the last six months of 2021 to be between 21% and 22% versus our previous guidance of 20% to 21%, reflecting a greater proportion of U.S. income for the year. Jamie Samath -- Senior Vice President of Finance. Our pro forma effective tax rate for the second quarter was approximately 25%. It's physically demanding. In Q2, U.S. procedures grew 77% year over year, which equates to 16% on a two-year . The compound annual growth rate between the second quarter of 2019 and the second quarter of 2021 was 16.5%. In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. Our flexible robotics program, first targeted toward diagnostic bronchoscopy, has had a strong quarter. Ladies and . The authors concluded, "The results revealed that robotic-assisted thoracic surgery is a feasible and safe technique compared with VATs in terms of short-term and long-term outcomes." Can you maybe just talk a little bit about the road map? What was the second part of your question again, Larry? Good afternoon. And so we have some catch-up to do in terms of infrastructure and support necessary to support the overall business. Fourth quarter 2021 GAAP income from operations included share-based compensation expense of $120 million, compared with $104 million in the fourth quarter of 2020. In terms of our underlying numbers, we're growing at a little faster rate in the revision section, sleeves and bypass grow about the same rate. Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., net income per diluted share attributable to Intuitive Surgical, Inc., and diluted shares are reported on a GAAP and non-GAAP* basis. Mehr Brsen-Nachrichten . Thanks for taking the question. At this time, all participants are in listen-only mode. Visit www.intuitive.com/en-us/products-and-services/ion. Statements using words such as estimates, projects, believes, anticipates, plans, expects, intends, may, will, could, should, would, targeted, and similar words and expressions are intended to identify forward-looking statements. So here's kind of where we stand with the backlog. Leasing represented 33% of current quarter placements, compared with 29% last year and 43% last quarter. The impact of the COVID-19 pandemic on the Companys business has, and continues to, differ by geography and region. Thank you for joining us today. COVID has impacted global supplies of semiconductors and other materials used in our products, while we carry safety stocks of critical components and are otherwise working to secure supply necessary to ensure fulfillment of customer demand, global shortages could result in higher production costs and production development and regulatory delays. Calvin Darling -- Senior Director of Finance, Investor Relations. Ion system placements and procedures are excluded from our overall system and procedure counts. 20, 2021Corporate Participants: Calvin Darling Senior Director of Finance, Investor Relations. An accomplished communicator seeking opportunities in Ottawa, with a proven ability to multitask under high-pressure situations to meet deadlines. Some of them are included in our service contracts, some of them are on a per-use basis. The Company calculates constant currency revenue by translating current period revenue using prior period exchange rates. We placed 20 Ion systems in the quarter, bringing the installed base to 70 systems. They're calling on customers. The Companys calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. Forward-looking statements relate to expectations concerning matters that are not historical facts. These awards are valued based on certain key performance metrics. Intuitive Surgical, and Verb Surgical, among other countless innovations. The Company believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Companys business. To change your e-mail options at Second-quarter revenue reflected growth in both procedures and system placements. Intuitive Surgical's adjusted net . GAAP net income was $517 million or $4.25 per share for the second quarter of 2021, compared with GAAP net income of $68 million or $0.57 per share for the second quarter of 2020 and GAAP net income of $426 million or $3.51 per share for the last quarter. Maybe just at the beginning of your comments, I was struck that you emphasized that da Vinci utilization rates are, if I understood you correctly, at the high end of historical averages. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Companys business. Lockdowns decrease patient mobility and willingness to go get their tests and then hospitalization diminishes ICU capacity. Fourth quarter 2021 systems revenue increased by 28% to $470million, compared with $367million in the fourth quarter of 2020. You may automatically receive Intuitive Surgical financial information by e-mail. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading Risk Factors in the Companys Annual Report on Form 10-K for the year ended December 31, 2020, and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, as updated by the Companys other filings with the Securities and Exchange Commission. Intuitive Surgical has been witnessing an upward estimate revision trend for 2021. We don't actually know how much backlog was resolved in the quarter, how much backlog is left or the timing of the recovery of that might be. Fourth quarter 2021 GAAP income from operations increased to $450million, compared with $416million in the fourth quarter of 2020. Last page last E-mail Alerts. And sequential growth in what they can do with the system remains our focus on SP for now. The second quarter of 2020 included $59 million of service credits issued in conjunction with our Customer Relief Program, higher period costs associated with lower production, and higher excess and obsolete inventory charges. Please go ahead. There was the usual impact of seasonality from vacations like Easter, but nothing notable within the quarter. Please go ahead. We have continued the launch of our My Intuitive app, including launching to first users in Europe. You go from an issue to identification to closure more quickly. Most of our offices globally are reopening with this hybrid approach. Research consulting in a firm with a clear vision to commercialize the neurotechnology industry at scale. Our teams continue to work closely with hospitals, physicians, and care teams in pursuit of what our customers have termed the Quadruple Aim: Better, more predictable patient outcomes, better experiences for patients, better experiences for their care teams, and ultimately, a lower total cost to treat. We're clearly seeing that in markets like India, Taiwan, there's been an impact in terms of how they've handled that from a healthcare system perspective and the resulting impact on our procedures. Leasing and alternative financing arrangements enable customer access to capital. In the second quarter, we modified the useful life of a deferred-tax asset, which resulted in a current charge to pro forma income. Yes. Non-GAAP income from operations. That's great. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. Driven by steady sales of da Vinci and increasing surgical procedures, Intuitive Surgical recorded $5.71 billion in revenue for 2021, up 82% over the past five years despite COVID-19 slowdowns. Mark the "Pitching to Investors Programme" on the 7th December 2022 in your calendar! Growth in Japan was solid but was impacted by a relatively slow rollout of vaccines and the impact of localized lockdowns as a result of ongoing efforts to prevent resurgences of COVID-19. Intuitive Surgical 10.5. Key business metrics for the second quarter were as follows. I think the product ecosystem with XI with a 60-millimeter stapler is in good shape, and we're getting good feedback from surgeons in that regard. Through ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. I will now summarize our GAAP results. And I suspect that's most of what we're seeing, at least in the United States in terms of that. Just in 2021 there were more than . Fourth quarter 2022 GAAP net income attributable to Intuitive Surgical, Inc. was $325 million, or $0.91 per diluted share, compared with $381 million, or $1.04 per diluted share, in the fourth quarter of 2021. The meta-analysis combined 18 studies across different countries containing over 11,000 patients, of which just over 5,000 received da Vinci robotic-assisted thoracic surgery and just over 6,000 received VATs. Listen to Webcast. The compound annual growth rate between the fourth quarter of 2019 and the fourth quarter of 2021 was 6%. Fourth quarter 2022 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $439 million, or $1.23 per diluted share, compared with $473 million, or $1.29 per diluted share, in the fourth quarter of 2021. Growth in our second largest market, China, continued to be strong with multiple specialties contributing. any time, re-enter your e-mail address and click Submit, then adjust your form entries. Our installed base of SP Systems is now 79: eight in Korea and 71 in the U.S. We completed first cases associated with a U.S. colorectal clinical trial in the second quarter. In fact, our commentary is a little bit the opposite that these are being highly utilized. Ion is Intuitives robotic-assisted platform for minimally invasive biopsy in the lung. Additional revenue statistics and trends are as follows. Jamie Samath Senior Vice President of Finance Affiliated with the world's largest international neurotechnology community, NeurotechX, with 18,000+ members . The da Vinci surgical systems are designed to help surgeons perform minimally invasive surgery. Our second-quarter pro forma net income was $477 million or $3.92 per share, compared with $132 million or $1.11 per share for the second quarter of 2020 and $427 million or $3.52 per share for the last quarter. For more information, please visit the Companys website at www.intuitive.com. As I believe that focusing on patient-centered strategies combined with leveraging data for research can help to improve the diagnosis, treatment, and prevention of diseases.<br><br>Patient-centered: I'm raising the bar on patient . The Company defines non-GAAP net income as net income attributable to Intuitive Surgical, Inc., excluding amortization of intangible assets, SBC and long-term incentive plan expenses, litigation charges and recoveries, a gain on the sale of a business, gains (losses) on strategic investments, adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects, and tax adjustments, including the excess tax benefits or deficiencies associated with SBC arrangements and the net tax effects related to intra-entity transfers of non-inventory assets. My Intuitive allows surgeons and care team members to access their data, to manage their profile, their learning, and otherwise interact with Intuitive through an easy-to-use mobile app in the palm of their hand. It's hard to have a precise measure on it. The stock movement pushed Intuitive . These forward-looking statements are necessarily estimates reflecting the judgment of the Companys management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Q2 2021 earnings conference call. Copyright 2023 Intuitive Surgical. While this did not have a material impact to our operating results in Q2, the outlook we are providing does not reflect any potential significant disruption or additional costs related to supply constraints. In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive Surgical, Inc. and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. The Company placed 369 da Vinci Surgical Systems in the fourth quarter of 2022, compared with 385 systems in the fourth quarter of 2021. Moving on to capital placements. Intuitive Surgical Asensus Surgical . You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Fourth quarter 2021 instruments and accessories revenue increased by 13% to $843million, compared with $747million in the fourth quarter of 2020, primarily driven by approximately 19% growth in da Vinci procedure volume, partially offset by stocking orders in the prior year associated with the Companys launch of Extended Use Instruments. Good afternoon, and welcome to Intuitive's second-quarter earnings conference call. Looking forward, we see the following capital revenue dynamics. Moving on to gross margin and operating expenses. Leasing as a percentage of total sales lag has and will continue to fluctuate with customer and geographic mix. Fourth quarter 2021 revenue was$1.55 billion, an increase of 17%compared with$1.33 billion in thefourth quarter of 2020. Second-quarter 2021 OUS procedure growth was driven by growth in prostatectomy procedures and earlier-stage growth in kidney cancer procedures, general surgery, gynecology, and thoracic.
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